Term
| Generally Accepted Auditing Standards #1 |
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Definition
| The Auditor must have adequate technical training and proficiency to perform the audit. |
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Term
| Generally Accepted Auditing Standards #2 |
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Definition
| The auditor must maintain independence in mental attitude in all matters relating to the audit. |
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Term
| Generally Accepted Auditing Standards #3 |
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Definition
| The auditor must exercise due professional care in the performance of the audit and the preparation of the report. |
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Term
Generally Accepted Auditing Standards #4
(Standards of Fieldwork) |
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Definition
| The auditor must adequately plan the work and must properly supervise any assistants. |
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Term
| Generally Accepted Auditing Standards #5 (Standards of Fieldwork) |
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Definition
| The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing and extent of further audit procedures. |
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Term
| Generally Accepted Auditing Standards #6 (Standards of Fieldwork) |
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Definition
| The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit. |
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Term
| Generally Accepted Auditing Standards #6 (Standards of Fieldwork) |
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Definition
| The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit. |
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Term
Generally Accepted Auditing Standards #7
(Standards of Reporting) |
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Definition
| The auditor must state in the auditor's report whether the financial statements are presented in accordance with Generally Accepted Accounting Principles |
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Term
Generally Accepted Auditing Standards #8
(Standards of Reporting) |
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Definition
| The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period. |
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Term
Generally Accepted Auditing Standards #9
(Standards of Reporting) |
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Definition
| When the auditor determines that informative disclosures are not reasonably adequate, the auditor must so state in the auditor's report. |
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Term
Generally Accepted Auditing Standards #10
(Standards of Reporting) |
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Definition
| The auditor must either express and opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed, in the auditors report. When the auditor cannot express an overall opinion, the auditor should state the reasons therfore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work if any, and the degree of responsibility the auditor is taking, in the auditor's report. |
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Term
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Definition
| comprises the methods used o ensure that the firm meets its professional responsibilities to clients and others. |
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Term
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Definition
| Statements on Auditing Standards |
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Term
| Statements on Auditing Standards |
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Definition
| Regarded as authoritative literature, Issued by the ASB. Every CPA who performs an audit must follow them under the AICPA code of professional conduct. These do not suggest procedures however. They are given both AU (AICPA codification) numbers and SAS (SAS codification) numbers. |
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Term
| Element of Quality Control 1 |
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Definition
| Leadership Responsibilities (tone at the top) |
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Term
| Element of Quality Control 2 |
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Definition
| Relevent Ethical Requirements(independence, integrity, objectivity) |
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Term
| Element of Quality Control 3 |
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Definition
| Acceptance and Continuation of Clients and Engagements (minimizing risk.) |
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Term
| Element of Quality Control 4 |
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Definition
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Term
| Element of Quality Control 5 |
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Definition
Engagement Performance
(does audit work meet applicable standards) |
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Term
| Element of Quality Control 6 |
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Definition
| Monitoring (Policies and procedures should be in place to ensure that the other quality control elements are being effectively applied. |
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